We need always to dig beneath the surface

I mentioned a few days ago on the Hubb Financial social media pages that the Australian All Ordinaries have gone nowhere this year. That is the macro picture. The big picture.

The All Ords as it is commonly known - or code XAO - is a weighted index of more than 300 companies from the Australian share market. All share markets have a head index which is an indicator of the overall market in general terms and then there are a wholes series of sub indices - which cover off the various industry segments.

The Australian market has ten sectors with the Finance - XFJ and the Materials index - XFJ, being two of the biggest drivers for our markets. Each sector has its own factors which cause it to move up and down. Sometimes sectors move in sync. Other times they move in parallel.

Lets take a look at the picture for each of these key indices - XAO, XFJ and XMJ: